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NRB News Year 15 Issue IV (July 2021)

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NRB News Year 15 Issue IV (July 2021) Year 15 Issue IV Julyy 2021 Volume 44 NRB Celebrates 66th Anniversary Bank committed for macroeconomic stability: Governor Mr. Adhikari Governor Maha resources to be mobilized customers by enhancing Prasad Adhikari has said that to the infrastructure fi nancial inclusion. Nepal Rastra Bank (NRB) is sector, small and medium Stating that the risk committed for the overall enterprises, agriculture, of further impact on the macroeconomic stability of energy, tourism and other economy has increased the country. Governor Mr. productive sectors to due to the second wave of Adhikari expressed this support economic recovery; COVID-19, Governor Mr. view while addressing a timely development of Adhikari informed that the program organized virtually fi nancial instruments policy measures adopted on the occasion of the 66th and infrastructure; and to address the impact will anniversary of NRB on April transactions through be continued. "The fl exible 27, 2021. He said, "The bank electronic payment." and simplifi ed policy is committed for maintaining According to him, NRB is arrangements to address macroeconomic stability; also committed to promoting COVID-19 impact will be directing the fi nancial and protecting fi nancial continued in the direction NRB Newws of economic and fi nancial functioning of NRB. stability and monetary On this occasion, objectives." he addressed. Deputy Governor Dr. Governor Mr. Adhikari Neelam Dhungana Timsina stressed on the need for said that NRB would take effi cient operation and the lead for the revival of management of economic the economy aff ected by activities to absorb the COVID-19. Expressing impact due to pandemic in welcome remarks, Deputy the economy. "The fl exible Governor Mr. Bam Bahadur Expresing best wishes Mishra discussed that the to the employees of NRB NRB has recently made on the occasion of the and simplifi ed policy signifi cant achievements anniversary, Governor Mr. in technology-friendly Adhikari called upon them arrangements to address systems such as Supervisory to remain focused on service Information System (SIS), delivery in the coming days COVID-19 impact keeping the image and Real Time Gross Settlement dignity of the organization will be continued (RTGS) and e-mapping. for achieving the objectives The program was attended of NRB. He also expressed in the direction of by senior offi cials of NRB, his gratitude to various representatives of employees Government of Nepal economic and fi nancial union, offi cials of bankers bodies, Banks and Financial association, media persons Institutions, media houses, stability and monetary and others. The program was donor agencies, international conducted by Mr. Muktinath Sapkota, Director in the organizations and the general objectives." public for their support in the Offi ce of the Governor. Governor Mr. Adhikari Participated in the 91st AGM of BIS Governor Mr. Maha the meeting, Mr. Mark present, addressing the latest Prasad Adhikari participated Carney, former Governor challenges in the changing the 91st Annual General of the Bank of England global fi nancial system and Meeting of Bank for and the Bank of Canada, the strategic arrangements International Settlements expressed his remarks on the to be adopted by the central topic of 'The Art of Central bank for monetary and (BIS). He has participated in Banking in a Centrifugal fi nancial stability. With the meeting held on June 27 World'. He also addressed the change in technology and 28, 2021. the comparative role of the and the increasing use of On the fi rst day of central bank in the past and digital currency, Carney also 2 NRRB Neews focused on the concept of a and coordination. bank governors and senior central bank digital currency. The economic report offi cials. Dr. Gunakar Bhatta, There was a group discussion of BIS was launched Executive Director of Bank among the participants on his during the meeting. The Supervision Department, had presentation. report pointed out the sharp accompanied the Governor in On the second day of inequality in income level participating in the meeting. the meeting, Mr. Agustín and access to resources due Carstens, General Manager of to the COVID epidemic The Bank for BIS, delivered a presentation and focused on the need to International Settlements on the annual fi nancial report reduce it through monetary (BIS) is an international of the organization. On this and fi scal policy and move fi nancial institution that aims occasion, he pointed out towards macroeconomic to promote global monetary the need to prepare a policy stability. During the meeting, and fi nancial stability foundation for the long-term a presentation was made through the coordination stability of the economy, on the latest and innovative of global central banks which has been aff ected eff orts made by BIS for a and their monetary policy due to COVID-19. For that, sound fi nancial system. The eff orts. Founded in 1930, General Manager Carstens presentation was discussed stressed the need for structural among the participants of BIS currently has 63 central reforms, development of the meeting. The meeting banks as members. Its innovative technologies and was attended by BIS member headquarter is located in global policy cooperation banks as well as other central Basel, Switzerland. 3 NRB Newws Interaction with CEOs Bank Supervision credit fl ows of commercial expressed their commitment Department (BSD) organized banks, the status of risk to comply the policy an interaction program management, institutional directives of the central bank with the Chief Executive good governance, the issues and to rectify the weaknesses. Offi cers (CEOs) of Nepal pointed out in the inspection/ On this occasion, Infrastructure Bank and supervision, the challenges Deputy Governor Dr. Commercial Banks on July seen in it and the supervisory Neelam Dhungana Timsina 27, 2021. eff orts initiated by NRB directed the CEOs to remain The interaction for improvement. In this committed to the policy program was organized context, he highlighted the provisions issued by the through virtual mode credit, operation, liquidity NRB and implement them. focusing on the issues and market risks seen in Mr. Dev Kumar Dhakal, raised during the inspection/ the business of commercial Executive Director of Banks supervision of infrastructure banks, prevention of money and Financial Institutions bank and commercial banks. laundering and weaknesses Governor Mr. Maha Prasad in fi nancial customer Regulation Department, said Adhikari was also present on protection. that the credit fl ow of banks the occasion. A discussion session has been aggressive in recent On this occasion, on the working paper period and drew attention to Dr. Gunakar Bhatta, was conducted under the the risk. Executive Director of coordination of Deputy Mr. Sharan Kumar BSD presented a working Governor Mr. Bam Bahadur Adhikari, Deputy Director paper on the comparative Mishra. During the program, of BSD, had conducted the statistics of deposits and CEOs of various banks interaction program. 4 NRRB Neews Seminar on Internal Audit Review Concluded Internal Audit Department (IAD) has organized a review seminar on the allegations made during the internal audit of FY 2076-77 on June 25, 2021. The IAD has organized the seminar through virtual mode with Governor Mr. Maha Prasad Adhikari as chief guest. On this occasion, Governor Mr. Adhikari stressed on the need for sound and eff ective institutional good governance of Nepal Rastra Bank (NRB). He said, NRB. He also emphasized on of internal audit report. Dr. "We are the central bank the eff ective implementation Suvod Kumar Karn, member and the regulatory body. of risk-based internal audits. of the Board of Directors of Our functions should be On this occasion, Mr. NRB and coordinator of the clean and transparent. There Vishrut Thapa, Executive Audit Committee of NRB should be no questioning of Director of IAD, presented a facilitated the interaction. our fi nancial statements and working paper covering the Deputy Governor Dr. main themes of the internal operations.” Neelam Dhungana Timsina Stating that the internal audit report for the FY 2076- expressed that the internal control system of the bank 77 BS. His working paper should be eff ective, Governor included regular audits, audit system of NRB was Mr. Adhikari said that the risk-based audits, details of more eff ective than in the role of internal audit would special audits/inspections past and drew the attention be important in meeting that and key points raised during of the department/offi ces to goal. He directed to offi cials the audit. He stressed on the improve the audit. Deputy of diff erent department/ need to keep priority to off Governor Mr. Bam Bahadur offi ces to immediately rectify site audits, timely update Mishra suggested that audits the allegations pointed out by the policy areas and plans should be concentrated in the the IAD. "Allegations raised of internal audits and make departments/offi ces that are by IAD must be rectifi ed as risk-based audits eff ective. more risky and sensitive. soon as possible. There is no In the virtual seminar, Expert member of question that the functions interaction was conducted on the Audit Committee Mr. cannot be done or not done.” the aspects of internal audit Keshav Prasad Bhattarai was He said. Governor Mr. report and its improvement. Adhikari opined that there On the occasion, the heads also present at the seminar. should be 'zero tolerance' in of various departments and Mr. Askok Ghimire, Acting terms of compliance with offi ces expressed their views Director of IAD, conducted the policy provisions of the and suggestions on the aspects the virtual seminar. 5 NRB Newws NRB Released Third Quarterly Review of Monetary Policy Nepal Rastra Bank purpose of setting up liquid lower. Earlier, valuation was (NRB) has released third oxygen plant or oxygen plant made as 120 days average quarterly review of the to supplement the existing value or current market price, monetary policy for the fi scal health care provider, hospital whichever was lower.
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